It’s imperative brokers find ways to improve retention and keep valuable cash-generating agents in place.
One of the best ways to entice agents is the lure of business. Brokerages must differentiate themselves by offering agents extensive marketing packages that include professionally taken photos of listings, but what about also offering top producing agents new business?
“Increase the bottom line by offering a steady flow of leads to your top three REALTORS®,” said Steve Pacinelli, Vice President of Industry Events for Move, Inc., during a webinar, “Recruitment, Retention & Revenue, Using Online Lead Systems”.
The most cutting edge brokerages are signing up for online leads and routing them to agents who account for a majority of the office’s business. Those agents develop a sense of loyalty to the company while generating bottom line results.
“A lot of brokers charge 25-30% referral fees on office generated leads,” said Pacinelli. “They’re happy to pay that.”
Anytime new business lands in an agent’s lap without having to cultivate it, it is a win for the agent. There is an understanding in real estate: every piece of business has a cost. Either it is a cost in time hosting an open house to acquire unrepresented buyers or a cost of buying online ads and printing postcards. New business comes with a price tag.
“Some brokers change the split,” Pacinelli added. “If it was 80/20, they charge 60/40 for an office-generated lead.”
It’s important to note the leads must be high-caliber quality leads that can be converted into closed sales. Not all leads are created equally.
Realtor.com® leads have the highest conversion rate in the industry, according to PAA Research. Leads from realtor.com®, filtered through ConnectionSM for Cobrokerage, have a 30% higher conversion rate, noted Pacinelli.
To help REALTORS® convert leads, ConnectionSM for Cobrokerage now offers verified phone numbers and email addresses, when available. It also provides useful demographic information cultivated from social media sites.
Now, each lead comes with a peek into the prospect’s ability to buy. Instantly, the agent knows where the prospect works, what their job title is, their household income and marital status. Agents can also see which houses prospects saved as their favorites and the last three houses the prospect viewed.
Such information not only moves the conversation forward, it infuses each interaction with client insight. The goal, of course, is to use this insight to transition the prospect from online lead to in-person client.
For the broker charged with recruiting top agents and cultivating new top producers, ConnectionSM for Cobrokerage is a secret weapon.
It can be used to not only steer leads but also to track agent productivity. With its back-end CRM using Five Street, brokers can measure which agents work online leads with the most lucrative results.
She spent $1,000 per month on leads and made $8,000 per month in closings, Grogan said.
A broker could multiply that success and spread this best practice throughout the agency to create an office of high-volume agents who stay: the key is quality leads, investing in your business—the agent—and connecting them with quality leads.
For more information about for ConnectionSM for Cobrokerage, call (877) 560-7386 or visit the product site.
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